AlphaCore Capital LLC Makes New $529,000 Investment in Medtronic PLC (NYSE:MDT)

Key Points

• AlphaCore Capital LLC acquired a new stake in Medtronic PLC, purchasing 5,839 shares valued at approximately $529,000 in the 1st quarter.
• Medtronic has recently announced a quarterly dividend of $0.71, reflecting a slight increase from the previous $0.70, and a dividend yield of 3.1%.
• Analysts have set a consensus target price of $98.19 for Medtronic, with a majority rating it as a "Moderate Buy." Several brokerages have recently raised their price targets for the company's stock.

AlphaCore Capital LLC bought a new position in shares of Medtronic PLC (NYSE:MDT - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,839 shares of the medical technology company's stock, valued at approximately $529,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MDT. Burkett Financial Services LLC increased its position in shares of Medtronic by 185.0% in the first quarter. Burkett Financial Services LLC now owns 285 shares of the medical technology company's stock valued at $26,000 after acquiring an additional 185 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of Medtronic during the fourth quarter worth approximately $27,000. Columbia River Financial Group LLC bought a new stake in shares of Medtronic during the first quarter worth approximately $28,000. Optiver Holding B.V. bought a new stake in shares of Medtronic in the fourth quarter valued at approximately $31,000. Finally, Hughes Financial Services LLC bought a new stake in shares of Medtronic in the first quarter valued at approximately $32,000. 82.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Royal Bank Of Canada cut their target price on Medtronic from $105.00 to $101.00 and set an "outperform" rating for the company in a research note on Thursday, May 22nd. BTIG Research restated a "neutral" rating on shares of Medtronic in a report on Friday, July 11th. Robert W. Baird decreased their price target on Medtronic from $94.00 to $92.00 and set a "neutral" rating for the company in a report on Thursday, May 22nd. William Blair upgraded Medtronic to a "hold" rating in a research note on Friday, July 11th. Finally, Leerink Partners initiated coverage on Medtronic in a research note on Monday, June 16th. They issued an "outperform" rating and a $110.00 target price for the company. Twelve equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Medtronic has a consensus rating of "Moderate Buy" and an average price target of $98.19.

Medtronic Price Performance

NYSE MDT traded up $0.75 on Wednesday, reaching $92.83. The company had a trading volume of 2,555,925 shares, compared to its average volume of 7,611,279. The firm's 50 day moving average price is $88.96 and its 200 day moving average price is $87.97. The company has a quick ratio of 1.42, a current ratio of 1.85 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $118.98 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 2.41 and a beta of 0.80. Medtronic PLC has a 12 month low of $79.29 and a 12 month high of $96.25.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Wednesday, May 21st. The medical technology company reported $1.62 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.04. Medtronic had a net margin of 13.90% and a return on equity of 14.54%. The business had revenue of $8.93 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the firm earned $1.46 EPS. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities analysts predict that Medtronic PLC will post 5.46 earnings per share for the current year.

Medtronic Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Friday, June 27th were issued a $0.71 dividend. This is an increase from Medtronic's previous quarterly dividend of $0.70. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 27th. Medtronic's dividend payout ratio is 78.45%.

About Medtronic

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.